Sellers are also becoming more willing to reduce prices

Manhattan’s housing market bounced back to life at the start of this year, thanks to pent-up demand in the runup to the election and sellers becoming more willing to reduce their pricing.

The number of homes sold in the resale market, which accounts for around 84% of the market, rose 7.7% in the first quarter of the year compared to the same period in 2016 to 2,429, according to a report Tuesday by appraisal firm Miller Samuel on behalf of Douglas Elliman Real Estate. This was the biggest annual gain in two years.

However, this is to a large extent propped up by “legacy” sales, which went into contract one to two years ago in some of the city’s most expensive new developments when business was still booming, but only closed once the buildings were completed.